The Latest

PNC Financial Services Group said it will raise its hourly minimum wage to $18 an hour from $15, joining the ranks of firms increasing pay amid labor shortages.

The e-commerce giant will partner with Affirm to offer installment payments as point-of-sale credit becomes increasingly popular as a finance option.

Federal Reserve Gov. Lael Brainard spoke with the Biden-Harris Federal Reserve transition team in January and with the president’s Council of Economic Advisers in May, her calendar shows.

The Fed, FDIC and OCC have issued guidance that says community banks should consider risk factors such as financial strength and business experience when evaluating potential fintech partners.

Some credit unions are leaning heavily on tech partners to speed payments and loan decisions, offer online financial planning sessions and deploy virtual assistant technology developed at MIT.

Regulators are calling for creative alternatives to the arduous de novo process. Pairing groups that want to open credit unions with lagging institutions would be quicker and could help preserve the sector, one credit union service organization says.

Shareholders in the troubled Mexican nonbank lender Credito Real will vote on proposals to sell the company’s U.S. operations at a meeting on Sept. 10.

The move is part of CEO Jes Staley’s broader strategy to beef up the British bank’s U.S. consumer business and strengthen relationships with retailers who may eventually need investment banking services.

Just 6% of banks say they're using cloud computing, artificial intelligence and other technologies to improve efficiency and maximize performance. Here's what the other 94% should be doing.

The Federal Housing Finance Agency in the Trump administration had been preoccupied with Fannie Mae and Freddie Mac’s capital position. Acting Director Sandra Thompson has shifted the agency’s focus to affordable housing and fair lending.